Compared to a few years ago, many hopeful buyers are paying higher rent and facing a higher cost of living while trying to save for a down payment on a higher-priced home.
With fall buying season in full swing, and mortgage rates nearing 8%, prospective homebuyers are facing affordability challenges forcing some adults to move back in with their parents while they save for a home.
Assuming that these prospective buyers are not required to pay rent to their family members, one year of living with family could save buyers more than $20,000 in rent, assuming the August national median rent," reports Jones. "While this amount alone is not enough for a down payment on a median-priced U.S. home, it can help boost existing savings over the line." Jones says Realtor.
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